Organizing individual retirement accounts through the institutional market and with constrained choice could substantially lower administrative costs. The tradeoff: rebidding problems, weaker performance incentives, inflexibility in the face of unforeseen contingencies, and an increased...

Preliminary result of a continuing research project that analyzes annuity markets in various countries. The projects focussed on understanding whether annuity makerts can be relied upon to provide reliable retirement income at reasonable prices

This paper discusses the mechanics and regulation of participating and unit-linked variable payout annuities. These annuities offer benefits that are not fixed in either nominal or real terms but depend on the performance of the fund or funds in which the underlying reserve assets are invested,...